SN Tech audit?, page-16

Dispute with SN Tech

“There certainly is still open questions about what's going on with SNTech. When we did this call last quarter, we indicated that we had invoiced SNTech for $609,000 roughly based on our existing licensing and development agreement. We still believe strongly that they owe us that money, the step we've taken to confirm their receipt of cash under the agreement we have the right to do a full audit of SNTech's books, records and source code. We've started that process. We've got dates on the calendar, we've received some information. The results of that audit are expected in November of this year, so we're moving quickly to collect on our $609,000. It's a significant amount of money and we've all talked about Lockport last year, year and a half. There's a whole lot going on there. A whole lot of dialogue going on back and forth, but the audit will reveal quite a bit. As I said, it will be concluded I believe in the November time frame.”

There's no other way to put it; based on Louis' comments in the last webinar, it seems pretty clear the dispute with SN Tech resembles more or less a shit fight. For instance, does LDN's comments about auditing the books to confirm SN Tech's receipt of monies owed, because we need to produce evidence in the event of litigation? I b hope not. Surely after all this time there's no dispute over this. At the very least it implies SN Tech are prepared to say and do anything to avoid paying BRN the money. From local press reports months ago it was revealed SN Tech received a total payment of roughly $1.3m for Lockport from the contractor.

I think it's very unlikely at this point that the completion of the audit will result in an immediate resolution of anything.